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Is is a good idea to rent first to ensure one truly likes the areas before jumping into a purchase?

Asked by Voices Member, Mon Apr 30, 2012

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5
Asking yourself two concise questions should help you arrive at an answer.

1) What will you find out about an area after 6 months that you couldn't find out in 6 days?

2) What could you do with 6 months of rent payments? That money will be gone, and didn't earn you anything in a bank account or in property value appreciation, and now can't be applied toward the purchase of a home.

Best regards,
David Barr, Broker Associate
Sandals Realty
941-870-0656
Twitter: @sarasota_homes
Blog: homesinsarasota.blogspot.com
1 vote Thank Flag Link Tue May 1, 2012
Some very good answers here. There are many factors to consider, such as how you feel personally about the renting vs. the buying process, as well as what you need to know about the area to feel comfortable buying.

A good buyer agent can give you an exceptional tour of the area as well as inside information on what you want to know, and because interest rates are still so low and home prices are still affordable (but slowly rising), this is an excellent time to buy a home in Sarasota, Florida.

Choosing the right neighborhood for you has a lot to do with what activities you plan to do here. For example, needing good schools nearby vs. wanting easy boat access to the Bay vs. membership to a nearby golf club. Sorting out what your own needs will be in your new home is something you can start evaluating on your own or with the help of a top-notch buyer agent.

Best of luck to you!
0 votes Thank Flag Link Tue May 1, 2012
You learn more about an area when you start looking at property. You already know what you like ad dislike and what you wan and don't want. A good Realtor, will be able to guide you well.
Prices are good. Why wait!!!
Good Luck!
0 votes Thank Flag Link Tue May 1, 2012
It may seem like a good idea to rent before buying to be sure that you really like an area, but I believe that in today's market you risk having to pay more to buy a home in the near future. Single family home inventories in many Sarasota neighborhoods are extremely tight,and this will lead to higher prices. It is commonly said that when the inventory of available homes equals a six month supply, prices should be stable. When there is less than a six month supply, prices should rise. That is the situation currently for single family homes in Sarasota, and I can show you many neighborhoods where there may be just one or two months of inventory.

I think that you should be able to get a good idea concerning whether you will like a specific area by visiting several homes with a Realtor who really knows the area, and who can explain its advantages and disadvantages. An experienced Realtor will try to get a feel for your needs and interests, and should be able to provide you with the information you need to make the right decision.

I live on Palmer Ranch, and my office is located on St. Armands Circle. From this St. Armands location, I serve the entire Sarasota area from Bradenton and Lakewood Ranch to Venice. I am familiar with most neighborhoods in the area, and I would be happy to help you to fnd the right home and community for you.

Charles Offer
COLDWELL BANKER RESIDENTIAL REAL ESTATE
423 St. Armands Circle
Sarasota, FL 34236
(941) 321-9664
charlesoffer@comcast.net
http://www.FloridaMoves.com/Charles.Offer
0 votes Thank Flag Link Tue May 1, 2012
If you are not familiar with the area and are moving from out of town, it is a good idea to rent first. Then you will have time to explore the different areas to determine a suitable area to meet your needs before you buy. You can rent month to month or short term for 3 months to 6 moths rather than renting annually.

Here is some basic information on things to look out for when renting. Most of these are obvious, but there may be one or two that you didn’t think of.

1. Make sure the person that you are signing the lease with is the actual owner of the home. Sometimes people will advertise and try to rent out abandoned homes that will eventually go to foreclosure.
2. Make sure you get the complete contact information for the landlord (name, address and phone number and emergency phone number if there is a separate one.)
3. Find out what additional fees you will be expected to pay such as water, sewer, cable, Internet, trash, etc.
4. Find out what maintenance items you are responsible for doing – lawn care, weed trimming, pool cleaning, pest control, etc.
5. You want to make sure the owner has insurance on the home and you would need to get renters insurance to insure your personal property. I would recommend this even if it isn’t required.
6. Find out if there are any restrictions in the community so that you know ahead of time if it is somewhere you want to live.
7. Find out if there is a security deposit required and if you get it back at the end of the lease term. Also, will you be required to clean the home when you leave or will they pay someone to do it?
8. What are the termination penalties if you break your lease early? Maybe you will find a home you want to purchase before the lease runs out. Think about getting a 6 month lease instead of annual. Or go with annual and ask if you can switch over to a month to month when you find a home to purchase. What are your options?
9. Be sure to inspect the home before you sign a lease. Note any items in need of repair or damaged items. Also do a pre-move in inspection. Check to make sure that everything works – appliances, faucets, toilets, showers, thermostat (AC/heat), check outlets, door knobs, locks, and windows.
10. Do you have any pets? What are the extra fees and restrictions for pets?
11. Make sure the home is secured by a dead bolt.

Tammy Hayes, Realtor
Green Lion Realty, Port Charlotte, FL
tammyhayesre@gmail.com
0 votes Thank Flag Link Tue May 1, 2012
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